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December 21, 2006
Kawasaki Kisen Kaisha, Ltd.

Memorandum of Understanding signed

Following a period of thorough preparation, ECT and CKYH (Cosco Pacific, "K" Line, Yang Ming and Hanjin) have entered into a Memorandum of Understanding (MoU). The memorandum anticipates the decision to enter into a long-term cooperation at the Euromax site - the most modern container terminal in the world - on Rotterdam's Maasvlakte.

The MoU anticipates the joint venture between the parties, which offers good future perspectives for the partners.. The Euromax Terminal in Rotterdam will for example be one of the most important hubs in Europe which all the shipping companies in the alliance will be using. CKYH with this has secured handling capacity for the growing cargo flows in Rotterdam; a security that ECT can offer, also for a longer period of time.

The Euromax Terminal has been designed as a ┬┤high performance┬┤ terminal and can be considered to be part of the latest generation of automated terminals. In its first phase, the Euromax Terminal will have a capacity of 2.3 million TEU. In its last phase (Maasvlakte 2), the total capacity will ultimately amount to 5.6 million TEU.

Jan Westerhoud, President of Europe Container Terminals B.V. (ECT), said:
"ECT and the CKYH Lines - each line individually as well as in its capacity as a member of CKYH - have a long lasting and mutually beneficial working relationship. We are very happy to offer CKYH capacity in the short and long term at our new container terminal under construction at the Euromax site on Maasvlakte 1 and 2."

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About ECT:

Europe Container Terminals (ECT), is the largest and most advanced container terminal operator in Europe, handling almost three-quarters of all containers at the Port of Rotterdam. ECT operates the ECT Delta Terminal on the Maasvlakte Peninsula (close to the North Sea) and the ECT Home Terminal & ECT Hanno Terminal in the Eemhaven/Waalhaven area (near the city centre). ECT has developed a network of inland terminals to facilitate better intermodal transport between Rotterdam and the hinterland. In 2005 ECT handled 5.6 million TEU.

ECT is a member of the Hutchison Port Holdings (HPH) Group, a subsidiary of the multinational conglomerate Hutchison Whampoa Limited (HWL). HPH is the worlds leading port investor, developer and operator with interests in 22 countries throughout Asia, the Middle East, Africa, Europe and the Americas. Today, HPH operates in a total of 44 ports together with a number of transportation related service companies.

About CKYH:

CKYH Alliance (COSCON, "K" Line, Yang Ming and Hanjin Shipping) is the largest alliance in the world with its total supply capacity (1,250,000 TEU), while COSCO Pacific is a major player in the global container terminal, container leasing, container manufacturing and logistics businesses. It participates in and operates 23 terminals globally with an aggregate throughput of 26 million TEUs in 2005. It ranked the fifth largest container terminal operator in the world as at the end of 2005 by Drewry Shipping Consultants Limited.

Now, CKYH Alliance have been offering services with each trade in Trans-Pacific service (18 loops : West Coast/13 loops, East Coast/5 loops), Asia-European services (11 loops: North Europe/6 loops, Mediterreanean/5 loops) and Trans-Atlantic (4 loops).

In the Asia-Europe trade, the CKYH Alliance service enhancement will strengthen their range of express services with more comprehensive coverage in all major ports in both Asia and North European regions, and with further improve sailing frequencies from those ports that are in high demand from the customer. On top of its North European services, the Euromax CKYH dedicated will be confirmed to become as a main hub-port in its regions.

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